Financial flexibility, due to its capability in optimizing resource allocation, enhancing operational efficiency, and responding to market changes, has become a crucial strategy for “specialized, refined, differentia...Financial flexibility, due to its capability in optimizing resource allocation, enhancing operational efficiency, and responding to market changes, has become a crucial strategy for “specialized, refined, differentiated, and innovative” (SRDI) enterprises to address financing difficulties and cash flow management pressures, thereby achieving sustainable development. This study, based on financial flexibility theory, conducts an empirical analysis using data from China’s listed SRDI enterprises from 2016 to 2023. The results show that there is an inverted U-shaped relationship between financial flexibility and corporate sustainable development performance. Heterogeneity analysis indicates that the impact of financial flexibility on sustainable development performance varies significantly under different ownership structures and dimensions. This study not only enriches the theory of financial flexibility but also reveals its complex impact mechanisms within SRDI enterprises, providing practical guidance and data support for enterprises to achieve sustainable development in a complex market environment.展开更多
文摘Financial flexibility, due to its capability in optimizing resource allocation, enhancing operational efficiency, and responding to market changes, has become a crucial strategy for “specialized, refined, differentiated, and innovative” (SRDI) enterprises to address financing difficulties and cash flow management pressures, thereby achieving sustainable development. This study, based on financial flexibility theory, conducts an empirical analysis using data from China’s listed SRDI enterprises from 2016 to 2023. The results show that there is an inverted U-shaped relationship between financial flexibility and corporate sustainable development performance. Heterogeneity analysis indicates that the impact of financial flexibility on sustainable development performance varies significantly under different ownership structures and dimensions. This study not only enriches the theory of financial flexibility but also reveals its complex impact mechanisms within SRDI enterprises, providing practical guidance and data support for enterprises to achieve sustainable development in a complex market environment.
